Monday, 22 June 2020 11:29

OPEC+ countries should solve oil production cuts matter by the end of June 2020

Saudi Arabia has offered to settle the issue of compensating the missing volume of oil production cuts within the framework of OPEC+ by the end of June.The agreement must be implemented "fully and without exceptions," says the address made by the Kingdom's Energy Minister, Prince Abdul Aziz Bin Salman to the members of the Ministerial Committee monitoring the implementation of the OPEC+ agreement.The Committee met on June 18 to discuss the compliance with quotas on oil production cuts."The next two weeks will be crucial. We must collectively resolve the issue of compensating the levels of previously uncompensated production, which should occur in July - September, " the Minister said. According to him, "this time everything will be different."The new OPEC+ agreement came into force on May 1.It implies reduction of oil production by the alliance countries by 9.7 million b/d during May – July. However, in May the deal was executed only by 87%.Iraq and Kazakhstan have already submitted their plans regarding the compensation of the missing volume. Nigeria, Angola and Gabon shall submit similar plans by June 22.

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